The country that will issue citizenship for investments in bitcoin has been named

The government of El Salvador and the issuing company of the largest stablecoin Tether USD (USDT) have launched a joint program called Adopting El Salvador Freedom Visa Program. From now on, people can obtain El Salvadoran citizenship for investing $ 1 million in bitcoin or USDT in the country’s economy.

According to the program, 1000 people can participate in obtaining the so-called «golden» visa of El Salvador every year, the holders of which can later apply for citizenship. The government plans to earn up to $ 1 billion a year from this program, and all the money will be used for economic and cultural development, as well as social programs to improve living standards in the country.

El Salvadoran President Naib Buchele has long been a bitcoin betting man and actively promotes this cryptocurrency. Despite the fact that the majority of the country’s population considers the government’s decision to invest in cryptocurrency to be a bad one, El Salvador is constantly buying bitcoins, according to Buchele’s decision. Currently, the country has 3144 BTC, and their market value is approximately $ 136 million.

In early December, Nayib Bukele reported that El Salvador’s investment in bitcoin had fully paid off, and the unrealized profit was over $ 3 million. According to him, El Salvador has no plans to sell digital assets and intends to follow a «long-term strategy.»